Paris Microfinance Network

Resources: Technology

Mobile Banking - South Africa Project

Mobile Banking Project in South Africa - pretty encouraging findings (published Nov 2006) of a survey of low-income south africans who used mobile banking offered thru a startup mobile banking company called WIZZIT, a division of South Africa bank of Athens.

The aim was to reach the countries poorest non-banked population to activate banking activity. WIZZIT, unlike it's competitors, doesn't require clients to have a bank account. Smart move. They even work with customers who use pay-as-you-go phones. In addition to being able to conduct cellphone-to-cellphone transactions, WIZZIT account holders are issued Maestro debit cards that can be used at any ATM or retailer.

WIZZIT charges per-transaction fees that range from 99c (USD 0.15) to R4.99 (USD 0.78) and does not charge a monthly fee nor require a minimum balance. There are no transaction limitations, it's purely pay-as-you-go. WIZZIT employs over 800 "Wizz Kids" - generally unemployed university graduates from low-income communities - to promote the product and help unbanked customers open accounts.